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Over-Payment
LittleLola1011
Posts: 1 Newbie
I am just over 1 year into a five year fixed mortgage with an excellent rate. My circumstances have changed (early retirement) and I may be able to make a large overpayment on my mortgage which would mean that by the end of my fixed deal, I’d be almost mortgage free. If I made a large payment within this year and paid the ERP, will the bank allow me to stay in my fixed deal? I hope that makes sense!
0
Comments
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Yes, but the ERP would probably make it a terrible idea, combined with the fact that if you're on an excellent rate, you're almost certainly better off putting the money into savings.
Make yourself wealthier and just clear the mortgage at the end of the fixed deal.1
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